Category: Finance

 It’s no secret these days that co-op and condo operating costs are going through  the roof, so to speak, and boards and managers are all looking for effective  ways to generate cost savings. Building management looks at fuel and energy  u…

 Organizing and keeping a co-op or condo’s books and other records is, on the surface, not that different than keeping a  budget for one’s home.    But there are many important differences—filing deadlines, tax requirements, reports…

The key to proper financial management of a co-op begins with the presence of a strategic plan. This plan should include, at a minimum, a projection of necessary capital improvements; and a forecast of revenue and expenses over a ch…

 Following the nationwide mortgage crisis, there is a lot of concern across the  country about communities being faced with the prospect of foreclosure. Many  states have enacted legislation relating to how to handle properties in  arrears…

Earlier this year, Mayor Michael R. Bloomberg presented his Fiscal Year (FY) 2012 Executive Budget and an updated four-year financial plan. The mayor outlined the plan, which costs $64.7 billion and would balance the budget with a clai…

No matter if they're overseeing a towering high-rise or a sprawling suburban association, co-op and condo boards usually have their fair share of problems to be solved and emergencies to be defused. Talk to enough people who have dealt…

 Owners of New York City co-ops or condos with parking garages in or adjacent to  their building are blessed in so many ways. The ability to drive right into  your building without the aggravation of hunting down a parking spot provides a …

During the real estate boom of the last decades, many new condo buildings used to use extravagant amenities as a tool for new buyers. Marble-top counters, exercise rooms, Jacuzzis, free cars for buyers, childrens' playrooms, computer lo…

 As the recession has lingered on since 2008, co-op and condo buildings  throughout the city—from luxurious downtown buildings to middle-income and lower-income walkups—have found more of their residents in arrears with their monthly fees.…

 The day-to-day costs of running a multifamily residential building are  significant. There’s the fuel oil, electric, cleaning supplies, equipment maintenance and service  calls for repair and upkeep. Then there are the insurance costs, la…